Market Types

Every Boros market trades one floating rate against a fixed rate until maturity. What changes from one market to the next is the rate. The trading mechanics stay the same. Boros currently lists two types of markets, shown under the Funding and Spread tabs on the markets page.

The order book, margin and liquidations, fees and protective mechanisms work the same way across both types.

Funding Markets

The underlying rate is the funding rate of a single perpetual market on a single exchange.

Underlying APR	The funding rate of the referenced perp market, annualised
1 YU represents	The funding earned on 1 unit of collateral, e.g. 1 BTC of notional on Binance BTCUSDT
Settlement cadence	Matches the exchange's funding interval, e.g. every 8 hours on Binance or every hour on Hyperliquid
Oracle	The exchange's funding rate, validated on-chain (see Rate Settlement)
Example	BTCUSDT (Binance)

Spread Markets

The underlying rate is the difference between two funding rates on the same asset: Rate A − Rate B. The exchange listed first is usually the one with the historically higher funding rate.

Underlying APR	Funding rate of exchange A − funding rate of exchange B, annualised. It can be negative.
1 YU represents	The spread earned on 1 unit of collateral, e.g. 1 BTC of notional on both venues
Settlement cadence	Matches the less frequent of the two exchanges
Oracle	The two existing funding rate feeds of the legs
Example	BTC Spread HL-Gate (Hyperliquid BTC funding − Gate BTC funding)

See Spread Markets for how Spread Markets work in detail.